Hertz, GE Partner to Sell Electric Cars in China
Hertz (NYSE:HTZ) is gearing up for a state-approved push of electric cars in China that could start as early as this week, according to a report by the New York Times.
The company is expected to sign a deal in Shanghais Auto city of Anting on Wednesday with General Electric (NYSE:GE) that will expand the charging networks needed to run the environmentally-friendly vehicles.
The agreement will call for the construction of 770 charging stations in major Chinese cities, including Shanghai and Beijing, according to the report.
The plan by Hertz matches efforts by the Chinese government to curb pollution and reduce oil imports. Officials in the country have made electric vehicles a national priority.
Along with the electric cars will come loads of incentives to use them, such as easier access to license plants, which is a problem in Shanghai, according to the New York Times.
The Park Ridge, N.J.-based company is not the first to offer electric vehicles in China it follows eHi Car, which is a local car rental company that is among the largest in the country.
Hertz already offers electric vehicles in several U.S. and European cities, including London, San Francisco, New York and Washington D.C.